Parsons Corporation $PSN Stock Holdings Cut by Newport Trust Company LLC

Newport Trust Company LLC reduced its holdings in Parsons Corporation (NYSE:PSN) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,009,167 shares of the company’s stock after selling 1,119,023 shares during the period. Parsons comprises 9.6% of Newport Trust Company LLC’s holdings, making the stock its 4th largest position. Newport Trust Company LLC owned about 0.48% of Parsons worth $4,229,680,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Channing Capital Management LLC raised its position in Parsons by 20.3% during the second quarter. Channing Capital Management LLC now owns 1,277,286 shares of the company’s stock worth $91,671,000 after acquiring an additional 215,106 shares during the period. Hood River Capital Management LLC acquired a new stake in shares of Parsons in the second quarter valued at about $11,153,000. Wolverine Asset Management LLC purchased a new stake in shares of Parsons during the third quarter worth about $1,369,000. Blackston Financial Advisory Group LLC purchased a new stake in shares of Parsons during the second quarter worth about $310,000. Finally, Frontier Capital Management Co. LLC raised its position in shares of Parsons by 568.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 510,525 shares of the company’s stock worth $36,640,000 after purchasing an additional 434,142 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.

Parsons Price Performance

PSN stock opened at $72.73 on Friday. Parsons Corporation has a 1 year low of $54.56 and a 1 year high of $89.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a market capitalization of $7.74 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 4.07 and a beta of 0.67. The business has a 50 day simple moving average of $70.73 and a 200-day simple moving average of $76.88.

Parsons (NYSE:PSN) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.12. The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.67 billion. Parsons had a return on equity of 11.98% and a net margin of 3.69%.The firm’s revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Equities research analysts anticipate that Parsons Corporation will post 3.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

PSN has been the topic of several research analyst reports. Truist Financial lowered their price objective on Parsons from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, December 5th. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 20th. Raymond James Financial lowered Parsons from a “strong-buy” rating to a “market perform” rating in a research note on Friday, December 5th. KeyCorp increased their price objective on Parsons from $76.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Bank of America decreased their price objective on Parsons from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, December 30th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $85.54.

Parsons Profile

Parsons Corporation (NYSE: PSN) is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.